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Another example involves the situation where the statute of limitations for filing a claim for refund on an underpayment year has expired and the amount of underpayment interest was overassessed and overpaid; in such a case, the taxpayer would not receive overpayment interest in excess of the amount that would have been paid on the overpayment at the statutory underpayment rate.
Values that were systematically too high would create losses for the assessors naming then when overassessed sites that where ready for new uses became available and the bonds that the assessors had posted were docked for the shortfalls in offered rents.
Both sides claimed victory after a New York State Supreme Court judge decided the owners of Tower 49 had been overassessed in two of eight years during the market downturn, even while benefiting from high occupancy and the fruits of an earlier above market, non-arm's length lease.
Typically, a taxpayer bears the burden of establishing that the assessor has overassessed its property.
Our model uses every arm's-length transaction so that overassessed properties in a given time period will generally be offset by under-assessed properties.
However, specific owners may be treated unfairly if their individual properties are overvalued, and, accordingly, overassessed.
And the certiorari attorneys are even more concerned about the invasion of the consultants, who are treading a fine line between doing a service for overassessed homeowners and practicing law without a license.
This article explores why so many hotels and motels throughout the United States are overassessed and provides a step-by-step case study of how an appropriate assessment may be developed.
Current city market values are set at 45 percent, so a lower SBEA ratio would make many of those properties overassessed.